On September 18th, 2019, VCC Exchange has successfully led the Conference and Dialogue on the Legal framework relating to the development of blockchain technology in Viet Nam hosted by Ministry of Justice and Hanoi Youth Union. The dialogue encouraged open discussion between public and private sectors about setting up legal guidelines for Blockchain in Vietnam in the future, featuring State Bank of Vietnam, Vietnam Security Commission, Tax Authority, Ministry of Public Security and 20 top-tier blockchain companies.
Understanding the significance and the wide application of blockchain technology in various industries, Mr. Phan Chí Hiếu, Deputy Minister of Justice stressed that this technology might be the one and only chance for Vietnam to keep up with other developing economies in the world. However, the country still lacks the necessary legal support for blockchain enterprises to open businesses, e.g. many startups are based in Singapore or Korea instead of Vietnam.
The Deputy Minister of Justice expressed his desire to coordinate with blockchain businesses to better understand all opportunities and threats that they faced
To enable further development of blockchain technology in Vietnam, representatives of the blockchain industry in Vietnam have asked for a “sandbox” - a framework set up by a financial sector regulator to allow small-scale, live testing of innovations by private firms in a controlled environment under the regulator’s supervision.
According to Mr. Thomas Dao, CEO of VCC Exchange, it was urgent for Vietnam to establish a legal system that helped develop digital asset trading in Vietnam and created a safe and secure environment for local investors. “While no exchange can be registered in Vietnam, the local digital asset trading traffic is always in the global top five. Such a situation has created many fake exchanges and put investors at risk of losing money,” Thomas added. As a result, Thomas was determined to set VCC Exchange apart from others with its secure and transparent characteristics, a well-known founding team, and a 24/7 customer support service.
Mr. Thomas Dao, CEO of VCC Exchange (number 3 from the right), was proposing to the MoJ some advice regarding the development of the legal framework on Blockchain.
Mr. Kory Hoang, CEO of Stably - a blockchain company that issued the stable coin of USDS, also strongly advocated the establishment of a sandbox for digital assets in Vietnam: “A sandbox will help enterprises in Việt Nam to mobilize their capital and attract more customers with their own coins.” In the region, some countries have successfully launched the sandbox models, such as Singapore, Korea and Japan. During the dialogue, representatives of governmental agencies confirmed that they had been researching the models and legal framework of other countries carefully, and they would review all blockchain-related matters to propose a proper legal bill to the Prime Minister.
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